A letter criticizing House Democratic leader Rocky Adkins said the pension crisis is a result of Democrats in office for 60 years. However, nothing could be further from the truth.
From 1997 until the Gov. Ernie Fletcher fiasco, Kentucky Employees Retirement System and Kentucky Teachers Retirement System were funded at greater than 100 percent. Before Fletcher took office, KTRS was funded at 125 percent and KERS was funded at 111 percent.
But then Republicans took control of the Senate and the governor’s office and when Fletcher left in December 2007, the systems were decimated. KERS was down to 68 percent and KTRS was down to 52 percent.
Decimated is too gentle a term for what I think was intentional vandalism on the part of Republicans. Need more evidence? Check this out: the pension deficit has nearly doubled since Gov. Matt Bevin took office, an increase from $19.6 billion to $32.8 Billion.
Failure is the Republican product.